secwatch.observer — SEC 8-K summary
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Issuer:     TerrAscend Corp. (TSNDF)
CIK:        0001778129
Form:       8-K
Filed at:   2024-03-14T23:59:59+00:00
Accession:  0000950170-24-031493
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TerrAscend reports record 2023 revenue $317.3M (+28%); Q4 Adj. EBITDA $19.6M; first full year of positive free cash flow
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- Full year 2023 net revenue $317.3M, up 28% YoY; gross profit margin 50.3% vs 41.0% in 2022.
- Adjusted EBITDA from continuing ops $68.8M for FY2023 (+77.1% YoY); positive free cash flow $23.4M (first full year).
- Q4 2023 net revenue $86.6M (+25.5% YoY); Adjusted EBITDA $19.6M (+60.7% YoY); margin 22.7% vs 17.7%.
- GAAP net loss from continuing ops $82.3M for FY2023 includes $58.0M non-cash impairments on Michigan/California intangibles.
- Changed tax position under IRC 280E; reclassified $59.2M tax liabilities to long-term; expects ~$26M in refunds for 2020-2021.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1778129/000095017024031493/0000950170-24-031493-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1778129/000095017024031493/tsndf-20240314.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-031493

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer